I am excited for today’s “Capitalization Strategies Workshop,” hosted by the FCC’s Office of Communications Business Opportunities (OCBO). Geared toward helping minorities, women, and small businesses enter into the telecommunications and broadcasting fields, the event represents an important step in fostering new entrants and new opportunities. The central challenge for any new business – particularly in capital-intensive industries like those we regulate – is access to the start-up financial resources needed to open the doors. Today’s Workshop is focused on the issues entrepreneurs face in obtaining public and private-sector financing. In breakout sessions with venture capitalists and industry groups, one-on-one counseling will be available for participants to hone their business and capitalization plans. I appreciate greatly these experts providing their counsel and advice today, and am hopeful that we will see some successful new companies sprout out of today’s effort.
I am a big supporter of this annual event, but our engagement should, and must, be more than one day per year. Given the power and reach of the Internet, we should work toward serving as an online repository of government grant and support programs, as well as private opportunities, for telecom and media industries. Surveys show that minorities are more likely to look to the Internet for information about starting a business, reinforcing the importance of expanding online initiatives. We should also reach out proactively with private equity investors in our space to make sure we understand any concerns they have that may inhibit their willingness to invest aggressively in both new entrants and incumbent licensees.
Today’s event is a great example of the steps we can take to work in a collaborative manner with industries and entrepreneurs to serve the public interest. I hope we see more such events in the near future.
